Pacific Crest Starts Ultimate Software (ULTI) at Overweight
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Pacific Crest initiated coverage on Ultimate Software (NASDAQ: ULTI) with an Overweight rating and a price target of $245. Analyst Trevor Upton highlighted predictable growth and profitability.
"Ultimate Software is the SaaS payroll and HCM leader for the enterprise. It offers highly predictable revenue and margin expansion on the strength of its product and service, both of which derive from its unique culture. It is taking share and is on track for $1 billion in revenue in 2018. ULTI deserves a premium valuation, in our view, and we see upside to $245, or 30x 2017 EBITDA," said Upton.
Shares of Ultimate Software closed at $204.37 yesterday.
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